Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Bill 2013

Public bill · Government · Presented

The Bill would stop new friendly societies from registering and prevent existing friendly societies that do not already run a loan fund from starting one. It would also reduce red tape for co-operative societies, including more flexible annual returns, easier appeals, a higher limit on share funding without official permission, and fewer reporting requirements. Most importantly, it would allow co-operatives facing serious financial difficulty to seek examinership—a court-supervised rescue process currently available only to companies—while giving members and the public access to key information about their holdings and membership.

Formal long title

Bill entitled an Act to amend the law relating to Friendly Societies; to amend the law relating to Industrial and Provident Societies; and to provide for related matters

Last updated 20 November 2019